Management

a process designed to achieve an organization’s objectives by using its resources effectively and efficiently in a changing environment

Managers

those individuals in organizations who make decisions about the use of resources and who are concerned with planning, organizing, staffing, directing, and controlling the organization’s activities to reach its objective

Planning

the process of determining the organization’s objectives and deciding how to accomplish them; the first function of management

Mission

the statement if an organization’s fundamental purpose and basic philosophy

Strategic Plans

those plans that establish the long-range objectives and overall strategy or course of action by which a firm fulfills its mission

Tactical Plans

short-range plans designed to implement the activities and objectives specified in the strategic plan

Operational Plans

very short-term plans that specify what actions individuals, work groups, or departments need to accomplish in order to achieve the tactical plan and ultimately the strategic plan

Crisis Management / Contingency Planning

an element in planning that deals with potential disasters such as product tampering, oil spills, fire, earthquake, computer virus, or airplane crash

Organizing

the structuring of resources and activities to accomplish objectives in an efficient and effective manner

Staffing

the hiring of people to carry out the work of the organization

Downsizing

the elimination of a significant number of employees from an organization

Directing

motivating and leading employees to achieve organizational objectives

Controlling

the process of evaluating and correcting activities to keep the organization on course

 Top Managers

the president and other top executives of a business, such as the chief executive officer (CEO), chief financial officer (CFO), and chief operations officer (COO), who have overall responsibility for the organization

First-Line Managers

those who supervise both workers and the daily operations of an organization

Financial Managers

those who focus on obtaining funds needed for the successful operation of an organization and using those funds to further organizational goals

Production & Operations Managers

those who develop and administer the activities involved in transforming resources into goods, services, and ideas ready for the marketplace

Human Resources Mangers

those who handle the staffing function and deal with employees in a formalized manner

Marketing Managers

those who are responsible for planning, pricing, and promoting products and making them available to customers

Information Technology (IT) Managers

those who are responsible for implementing, maintaining, and controlling technology applications in business, such as computer networks

Administrative Mangers

those who manage an entire business or a major segment of a business; they are not specialists but coordinate the activities of specialized managers

Leadership

the ability to influence employees to work toward organizational goals

Technical Expertise

the specialized knowledge and training needed to perform jobs that are related to particular areas of management

Conceptual Skills

the ability to think in abstract terms and to see how parts fit together to form the whole

Analytical Skills

the ability to identity relevant issues, recognize their importance, understand the relationships between them, and perceive the underlying causes of a situation

Human Relations Skills

the ability to deal with people, both inside and outside the organization

Agenda

a calendar, containing both specific and vague items, that covers short-term goals and long-term objectives

Networking

the building of relationships and sharing of information with colleagues who can help managers achieve the items on their agendas